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[Australia]set to introduce tax on bank deposits
ABC ^
| 28 March 2015
Posted on 03/30/2015 9:40:27 AM PDT by Lorianne
The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time.
Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget.
The Government is heading for a fight with the banking industry, which has warned it will have to pass the cost back onto customers.
Mr Frydenberg is a member of the Government's Expenditure Review Committee but has refused to provide any details
(Excerpt) Read more at abc.net.au ...
TOPICS: Australia/New Zealand; Business/Economy; Government; News/Current Events
KEYWORDS: australia; bailin; bank; bankdeposit; bankdeposits; bankdeposittax; banks; deposits; tax; taxbankaccount
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1
posted on
03/30/2015 9:40:27 AM PDT
by
Lorianne
To: Lorianne
Great way to make a lot of money flee the country . . .
2
posted on
03/30/2015 9:41:24 AM PDT
by
Vigilanteman
(Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
To: Lorianne
I don't deposit this...
3
posted on
03/30/2015 9:42:49 AM PDT
by
cuban leaf
(The US will not survive the obama presidency. The world may not either.)
To: Lorianne
The Government is heading for a fight with the banking industry,What about the people? You'd think they'd be unhappy about it too!
4
posted on
03/30/2015 9:43:10 AM PDT
by
BenLurkin
(The above is not a statement of fact. It is either satire or opinion. Or both.)
To: Lorianne
...didn’t Odungo brings this up recently?....of course recent with this moron could make it feel like 1820
5
posted on
03/30/2015 9:43:20 AM PDT
by
Doogle
(( USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
To: Lorianne
You gotta admit the taxing of the mere possession of money is pretty comical. It’s what the guy that mugs you does. His rate is just a bit higher. :-D
6
posted on
03/30/2015 9:43:59 AM PDT
by
cuban leaf
(The US will not survive the obama presidency. The world may not either.)
To: Lorianne
Sales of safes to skyrocket....
7
posted on
03/30/2015 9:44:20 AM PDT
by
Uncle Miltie
(Support Principle: http://www.tedcruz.org)
To: Lorianne
seems like a backdoor to charging depositors negative interest.
8
posted on
03/30/2015 9:46:19 AM PDT
by
RC one
(Militarized law enforcement is just a politically correct way of saying martial law enforcement.)
To: Lorianne
I’d take my money out of the bank so damn fast.
Can’t earn any interest any way, and no doubt the tax rate would exceed the interest rate.
9
posted on
03/30/2015 9:46:38 AM PDT
by
chris37
(Heartless)
To: Lorianne
Not only is this a wealth tax, but its the most irrational kind of wealth tax. The rich will be able to move money into stocks and bonds and the middle class savers will likely get hit the hardest. Or if you have a one-time transaction that artificially increases the cash in your bank account — like the sale of a house or other big-ticket item in preparation for the purchase of another big-ticket item, you will be giving a piece of it to the government for no good reason.
But hey, we are in the death throes of the Welfare State and the spending beast needs to be fed, so pretty much any tax is going to be irrational at this point.
10
posted on
03/30/2015 9:48:49 AM PDT
by
Opinionated Blowhard
("When the people find they can vote themselves money, that will herald the end of the republic.")
To: cuban leaf
I prefer Mercury dimes and Walking Liberty halves.
11
posted on
03/30/2015 9:51:39 AM PDT
by
SVTCobra03
(You can never have enough friends, horsepower or ammunition.)
To: chris37
"Id take my money out of the bank so damn fast." But please remember, the Regime has asked banks to report to the police cash withdrawals down to the $5K level.
12
posted on
03/30/2015 9:51:44 AM PDT
by
buckalfa
(First time listener, long time caller.)
To: cuban leaf
European banks are closing in on “negative interest.”
Seems like there’s not much difference in a tax on savings.
13
posted on
03/30/2015 10:22:48 AM PDT
by
Eric in the Ozarks
("If he were working for the other side, what would he be doing differently ?")
To: buckalfa
Report all they want, it’s not a crime to take my money from the bank.
14
posted on
03/30/2015 10:33:38 AM PDT
by
chris37
(Heartless)
To: buckalfa
Well....what about $500/day for a ten days.....???
15
posted on
03/30/2015 10:52:10 AM PDT
by
goodnesswins
(I think we've reached PEAK TYRANNY now.....)
To: goodnesswins
Actually you can be charged with a crime for making such deposits if they claim you are doing so to avoid reporting requirements. Such a case was reported recently in the DFW newspaper. Believe the person was convicted if I recall correctly.
16
posted on
03/30/2015 11:13:14 AM PDT
by
Froggie
To: Froggie
Seems I read that making multiple smaller deposits in multiple banks was also a crime as it was an effort to avoid the reporting requirement.
17
posted on
03/30/2015 11:14:23 AM PDT
by
Froggie
To: Froggie
18
posted on
03/30/2015 11:21:31 AM PDT
by
goodnesswins
(I think we've reached PEAK TYRANNY now.....)
To: cuban leaf
Exactly. Its odd to consider that my days as a paperboy were some of my highest grossing years of my career. Counting the tips that is.
19
posted on
03/30/2015 1:37:29 PM PDT
by
muir_redwoods
("He is a very shallow critic who cannot see an eternal rebel in the heart of a conservative." G.K .C)
To: goodnesswins
That’s a crime called structuring.
20
posted on
03/30/2015 1:38:35 PM PDT
by
muir_redwoods
("He is a very shallow critic who cannot see an eternal rebel in the heart of a conservative." G.K .C)
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